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What to know about New York’s new student loan forgiveness program

Earlier this week, the New York state budget was approved, which included Governor Andrew Cuomo's proposed program that is aimed at helping recent graduates in the state pay back their outstanding student loan debts. While details of the program have been scarce up until now, New York State Financial Aid Administrators Association president Kerrie Cooper offered some insight.

While speaking with a local New York news source, Cooper laid out the conditions that students will have to meet in order to qualify for Governor Cuomo's plan. The governor has made it a strong part of his initiative to see student loan conditions loosened, as many young people are currently saddled with more debt than they can possibly afford to pay back in a reasonable amount of time.

Here are the ways kids can be a part of the Get on Your Feet Forgiveness program:

Must graduate after the 2014-2015 school year.

You must have graduated from a New York school and reside in the state.

A student needs to earn less than $50,000 and be participating in at least one federal repayment plan.

The application must be submitted and approved within two years of graduating from college

Be sure to get the details right away, as the application and process could take quite some time.

The program is currently projected to cost around $40 million, and will pay back the student loans of 24,000 New York state college graduates. This is an ideal situation both for the kids who cannot afford to pay back their loans, and the financial institutions who expect to see a return on what they spend.